Some types of bank accounts are created with specific populations in mind. Americans age 65 and older are considered to be seniors and gain access to a variety of perks and benefits. Most banks and financial institutions have designated programs designed for seniors. Some types of bank accounts may waive monthly account fees while others provide discounts on banking-related items, such as safe deposit boxes.
If you are 65 years of age or older, free checking accounts may be available to with a variety of advantages. It’s important to consider all the advantages before settling on one type of account. The best bank account for you depends on your financial needs as well as your preferences.
For example, if you enjoy traveling, consider a bank account that rewards you with airplane miles, gas gift cards, hotel discounts or other travel-related perks. Many types of bank accounts reward customers for not only opening an account, but using it frequently. This means making constant deposits, withdrawals or transfers.
Some free checking accounts for seniors have advantages for those who are interested in investing. You may get a checking account bonus offer that sweetens the deal even more. For example, some banks offer accounts with built-in investment options. Others may provide higher earnings in interest rates.
Other types of bank accounts for seniors prioritize convenience. You may prefer a bank that has locations throughout the U.S. as well as ATMs near where you live. This makes it easy for you to handle your money no matter where you are.
While many seniors deal primarily with cash, you may find a free online checking account to be the best option for you. Some banks are completely online, which means you can’t walk into a brick-and-mortar store and conduct your banking activities.
It’s important to consider all the benefits before choosing a senior-specific bank account. Finding the best option for you may take some extra time, but you could save hundreds of dollars by doing so.
And don’t be afraid to opt out of senior-specific types of bank accounts if they are not right for you. Your bank’s senior options might not meet your specific needs or preferences.
Many benefits that are advertised toward the senior population can be found in standard bank accounts, too. For example, accounts with zero monthly maintenance fees or no minimum deposit requirements are not only available to seniors, but to most other customers as well. You may not need to open a senior-specific account to access benefits like these.
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